Economics, Business, and Labor

finance theory and practice of conducting large public and private dealings in money. Important institutions of private finance include those that deal with insurance , banking , stocks (see stock ), bonds, and other securities. With the development of the national state, public finance—the management of the revenues, expenditures, and debts of the state—has been of great political, as well as economic, importance. The most important source of government revenue is taxes, but sale of public properties and franchises, as well as the sale of interest-bearing bonds, also contribute. Since the Korean War, a large part of governmental expenditures has gone for various military and defense needs. Other important areas of governmental expenditure are health, education, and welfare (the Social Security, Medicare, and Medicaid programs); interest on the national debt; and public works. Important institutions of international finance are the International Bank for Reconstruction and Development and the International Monetary Fund . Bibliography: See D. Allen, Finance (1983); D. Swain, Managing Public Money (1987); L. Harris et al., ed., New Perspectives on the Financial System (1988); N. Gianaris, Contemporary Public Finance (1989).

Steven Paul Jobs , 1955-, American businessman, b. San Francisco. Working with Stephen Wozniak, Jobs helped launch the personal-computer revolution by introducing the first Apple computer in 1976. Jobs later successfully established Apple's line as a user-friendly, graphically oriented alternative to the IBM-Microsoft personal computer and an important factor in desktop publishing . He resigned in 1985 after losing a corporate power struggle. In 1985 he founded the NeXT Computer Company and in 1986 bought Pixar Animation Studios, a computer animation firm founded by George Lucas . When Pixar went public in 1995, Jobs became an overnight billionaire; in 2006 Pixar was purchased by the Walt Disney Company, making Jobs the largest shareholder in Disney. In 1997, Jobs returned to Apple as chief executive and since has helped revive the financially ailing company while reestablishing his own reputation as an industry visionary. Bibliography: See L. Butcher, Accidental Millionaire (1988); J. Young, Steve Jobs (1988); A. Deutschman, The Second Coming of Steve Jobs (2000); D. A. Price, The Pixar Touch: The Making of a Company (2008).

Ted Turner (Robert Edward Turner 3d), 1938-, American television network executive, b. Cincinnati. After inheriting his father's billboard company, he founded (1976) a television station, WTBS, and built it into the Turner Broadcasting System (TBS). He pioneered "superstation" broadcasting, in which a TV station provides programming via satellite to cable systems nationwide. In 1980 he established the Cable News Network (CNN), television's first 24-hour news channel, which was first met with skepticism and is now a broadcasting fixture; in 1988 he added TNT, a movie channel, and in 1992, the Cartoon Network. After his failed attempt to purchase the CBS network, Turner bought the MGM/UA Entertainment Company, gaining a vast library of film classics. TBS also offered sports programming after acquiring the Atlanta Braves baseball team (1976) and a holding in the Atlanta Hawks basketball team (1977). In 1996, TBS merged with Time Warner Inc. (now AOL Time Warner). Turner became vice chairman of Time Warner in charge of the TBS subsidiary, a position he held until he became a vice chairman (2000-2003) of AOL Time Warner. In 1997, Turner announced he would give $1 billion to United Nations programs; he also has underwritten a number of other programs devoted to international understanding and peace and the environment. A competitive sailor and sports enthusiast, he won the America 's Cup yachting race in 1977. He was married to Jane Fonda in 1991; they separated in 2000....

Warren Edward Buffett , 1930-, American financial executive, b. Omaha, Nebr., studied at Wharton School of Finance (1947-49), grad. Univ. of Nebraska (B.S., 1950), Columbia Univ. (M.S., 1951). After working as an investment salesman and securities analyst, he was partner (1956-69) in the investment firm Buffett Partnership, Ltd. In 1965, he acquired the textile manufacturer Berkshire Hathaway and became (1970) chairman and CEO. Through judicious investments and acquisitions of insurance companies and manufacturing and service firms, Buffett has transformed Berkshire Hathaway into a large conglomerate, and his investments have made him one of the wealthiest people in the world. In 2006 he announced that he would donate the vast majority of his wealth to charity, with some $31 billion, the largest gift, ultimately going to the Bill and Melinda Gates Foundation . He has co-authored Warren Buffett Speaks (with J. C. Lowe, 1997) and Thoughts of Chairman Buffett (with S. Reynolds, 1998). His father, Howard Homan Buffett, 1903-64, an investment banker, was a U.S. congressman from Nebraska (1943-49, 1951-53). Bibliography: See biographies by R. Lowenstein (1995) and A. Schroeder (2008); studies by A. Kirkpatrick (1992), R. G. Hagstrom (1995), and M. Buffett and D. Clark (1997).

credit card device used to obtain consumer credit at the time of purchasing an article or service. Credit cards may be issued by a business, such as a department store or an oil company, to make it easier for consumers to buy their products. Alternatively credit cards may be issued by third parties, such as a bank or a financial services company, and used by consumers to purchase goods and services from other companies. There are two types of cards—credit cards and charge cards. Credit cards such as Visa and MasterCard allow the consumer to pay a monthly minimum on their purchases with an interest charge on the unpaid balance. Charge cards, such as American Express, require the consumer to pay for all purchases at the end of the billing period. Consumers may also use bank cards to obtain short-term personal loans (including "cash advances" through automated teller machines ). Credit card issuers receive revenue from fees paid by stores that accept their cards and by consumers that use the cards, and from interest charged consumers on unpaid balances. Diners Club became the first credit card company in 1950, when it issued a card allowing members to charge meals at 27 New York City restaurants. In 1958, Bank of America issued the BankAmericard (now Visa), the first bank credit card. In 1965, only 5 million cards were in circulation; by 1996, U.S. consumers had nearly 1.4 billion cards, which they used to charge $991 billion in goods annually. The growth of...